e live in a time of global financial uncertainty. Some financial experts fear that we are headed for deflation, others believe that we are headed towards inflation, and some think that we will see deflation then inflation. A few optimists believe that the worst is behind us. Because we don’t know what is ahead, the wise thing to do is to prepare for anything. The following measures can help you prepare for the future, whether or not a financial collapse is coming.
Get Out of Debt
One of the best financial moves that you can make is to get out of debt. Whether the future brings deflation (where your assets will be worth less), inflation (where everything will be more expensive and you will have less disposable income), or job loss, being debt-free means that you have less money tied up in bills.
Learn to Do It Yourself
In a period of financial collapse, you might have less money to pay for things that you take for granted now. You might not have money for new clothes, so you will have to learn how to repair them, or find a friend that knows how to sew. When money is in short supply, basic skills like gardening, canning food, and repairing household objects will help you maintain what you have; these skills could also be used to barter with others.
Build Up a Food Supply
One of the first problems that we could see in the event of a financial collapse is an interruption of the food supply. In the past, we have witnessed what can happen when natural disaster hits: store shelves are quickly emptied. In the event of a financial collapse, there might be a shortage of food in the grocery stores, and the food that is available could be costly. The best way to prepare for a problem with the food distribution is to build up your own personal food supply. This doesn’t have to be an expensive undertaking. Take advantage of sales in your area now by buying a little extra food when it goes on sale. Try to purchase food that has a longer shelf life and doesn’t need refrigeration, like canned goods. How much you should build up depends on your motivation, your money, and your storage space. Every little bit will help in the event of a financial collapse.
If there is a global financial collapse, or even a banking meltdown in your country or state, life as you know it will change. The best way to prepare for it is to be prepared mentally. Believing that things will always stay the same and you will always be able to shop for what you like, when you like is the wrong approach to take. To prepare for financial change, accept that things might not always be the way they are now; decide that you will survive and adapt, no matter what happens. Many people find comfort in troubled times in faith; belief in a higher power may help you. Keeping yourself updated on current events might also help you cope.